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Is education the key to turning millennials into homeowners?

04/13/2017

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Just how big an impact did the recession have on young adult homeownership? In 2007, 53.5 percent of people aged 20-49 owned homes. By 2013, that number was down to 43.9 percent. Of those aged 25-34, 45.5 percent owned homes in 2007, but by 2013, just 31 percent were homeowners. What has been termed the “Great Recession” changed how many people thought about homeownership, and trend watchers have wondered what exactly is keeping millennials out of the housing market as they mature.Is it student loans, job insecurity, changing tastes, underemployment, a lack of confidence or something else?A recent study showed that more millennials live at home with their parents now than they have in decades. Even as the economy has recovered, young-adult homeownership has not risen with it. In hot markets, a lot of this has to do with the paucity of affordable starter homes available, but this may not be the only factors at play.A new report sponsored by Fannie Mae and conducted by rese…

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